S&P cuts Sigma

Standard & Poor's said it lowered its issuer credit and long-term debt ratings on Sigma Finance Corp.

Concurrently, the agency said it affirmed its short-term debt rating on Sigma while all of the ratings remain on CreditWatch with negative implications, where they were placed March 18.

S&P added that Sigma faces a number of challenges in the marketplace and has focused on managing through the credit market disruption, noting that Sigma's asset-for-outstanding-debt exchanges are still in process and market uncertainties may affect the company's capital position.

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